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MSGYO Fair Value & Analysis

Real Estate · TR · Market cap 2.4B TRY

M MSGYO MSGYO · IS
Price6.06 TRY
Fair Value13.44 TRY
Upside+121.8%
Quality35/100
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Expensive Growth
Loss-making · -4.5% net margin
Low debt · negative free cash flow
Mixed vs. peers (5/11)
Narrow moat 27/100
Evidence: High Range 9.41 TRY – 17.47 TRY Share as image

Fair value as of: Aug 13, 2026

From 9 valuation models · updated today

Share price +1.8% over the past month.

Below-average quality, screening 122% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (35/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (9.41 TRY). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (9.41 TRY to 17.47 TRY) leaves room in how you read the outcome.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

9.35 TRY 0.8381 TRY Fair Value 13.44 TRY May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 0.8381 TRY – 9.35 TRY · fair‑value band 9.41 TRY – 17.47 TRY · the 6.06 TRY price screens below the 13.44 TRY fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

MSGYO (MSGYO) currently trades at 6.06 TRY, while our model-based Fair Value estimate is 13.44 TRY, implying the stock looks roughly 121.8% undervalued today. The Quality Score stands at 35/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, MSGYO generated revenue of 1.1B TRY at a net margin of -4.5%. Revenue grew 23.7% year over year. It earns a return on equity of -1.1%. The stock trades on a trailing P/E of 121.2. Fundamentals as of Aug 13, 2026

Our scenario range runs from 9.41 TRY (bear case) to 17.47 TRY (bull case); at 6.06 TRY, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 40% below its 52-week high and 30% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -22% fair-value upside, at 122%, MSGYO screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income 8.24 TRY 7.62 TRY 5.57 TRY 76
Gordon GGM 0.3200 TRY 0.6300 TRY 0.9600 TRY 70
DDM Multi-Stage 0.3200 TRY 0.5500 TRY 0.6700 TRY 61
All 9 models by family
Dividend Discount
Gordon GGM 0.3200 TRY 0.6300 TRY 0.9600 TRY 70
DDM Multi-Stage 0.3200 TRY 0.5500 TRY 0.6700 TRY 61
Multiples
P/S Multiple 2.02 TRY 2.70 TRY 3.37 TRY 58
P/B Multiple 2.02 TRY 2.70 TRY 3.37 TRY 55
EV/EBIT 17.06 TRY 22.74 TRY 28.43 TRY 53
EV/EBITDA 13.21 TRY 17.62 TRY 22.02 TRY 54
EV/Revenue 9.40 TRY 13.44 TRY 17.47 TRY 43
Asset-Based
NCAV (Graham) 6.08 TRY 8.15 TRY 12.17 TRY 50
Economic Profit
Residual Income 8.24 TRY 7.62 TRY 5.57 TRY 76

Widest divergence: Multiples (13.44 TRY) versus Dividend Discount (0.5500 TRY). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 1.1B TRY
Revenue growth (YoY) +23.7%
Net margin -4.5%
Return on equity -1.1%
Free cash flow −385M TRY FY2025
P/E ratio 121.2
More key figures
Operating margin 16.7%
EPS (TTM) 0.0500 TRY
EPS growth (YoY) -64.7%
Net debt 930K TRY FY2019

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 35/100

Of which business quality 36 · Market factors (momentum, volatility) 48

Profitability 19
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 58
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 38
Distance to the 52-week high (market factor)
Net Issuance 50
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Mistral Gayrimenkul Yatirim Ortakligi A.S. invests primarily in real estate-based capital market instruments, projects, and real estate-based rights. The company was formerly known as Mistral Yapi Gayrimenkul Sanayi ve Ticaret A.S. and changed its name to Mistral Gayrimenkul Yatirim Ortakligi A.S. in March 2016.

Full company description

Mistral Gayrimenkul Yatirim Ortakligi A.S. invests primarily in real estate-based capital market instruments, projects, and real estate-based rights. The company was formerly known as Mistral Yapi Gayrimenkul Sanayi ve Ticaret A.S. and changed its name to Mistral Gayrimenkul Yatirim Ortakligi A.S. in March 2016. The company was founded in 2012 and is headquartered in Izmir, Turkey.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

MSGYO reported revenue of 1.1B TRY in FY2025 versus 40.0M TRY in FY2021, a compound +129.4%/yr. Reported net income was 62.6M TRY in FY2025, compounding −26.6%/yr from FY2021.

Growth Quality 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
1.1B TRY
Latest YoY
+399.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+131.7%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+147.6%
Avg. growth/yr (12Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+40.3%
Revenue +129.4%/yr
FY21 40.0M TRY
FY22 88.9M TRY
FY23 167M TRY
FY24 222M TRY
FY25 1.1B TRY
Net income −26.6%/yr
FY21 215M TRY
FY22 744M TRY
FY23 1.3B TRY
FY24 134M TRY
FY25 62.6M TRY

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Cite: Fair Value Calculator (2026). "MSGYO Fair Value". https://www.fairvalue-calculator.com/stock/MSGYO

Peer Group

REIT - Diversified · 174 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 35 · Bottom 25%
Fair Value upside +122% · Top 25%
Return on assets 4% · Top 25%
Net margin (TTM) -5% · Bottom 25%
Operating margin (TTM) 17% · Below median
Revenue growth 24% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs REIT - Diversified median · lower = cheaper

P/E (TTM) 121.2× · Pricier than 75% of peers
P/S (TTM) 0.05× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 13
FUTURE 100 · sector 13
PAST 0 · sector 18
HEALTH 100 · sector 73
DIVIDEND 0 · sector 93

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more REIT - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Goodman Group GMG A$29.11 A$7.37 -75%
VICI Properties Inc VICI $26.73 $41.74 +56%
W. P. Carey Inc WPC $70.00 $34.80 -50%
Charter Hall Group CHC A$21.90 A$11.46 -48%
Fibra Uno FUNO11 31.10 MXN 63.56 MXN +104%
COV COV €52.55 €62.39 +19%
The GPT Group GPT A$4.89 A$3.49 -29%
Mirvac Group MGR A$1.70 A$0.5700 -66%
KLCC Property Holdings 5235SS 8.85 MYR 6.91 MYR -22%
CRRUN CRRUN C$17.65 C$17.89 +1%

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Frequently asked questions

Is MSGYO overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 13.44 TRY versus a price of 6.06 TRY, about +122% (undervalued).
What is the fair value of MSGYO?
Our model-based fair value for MSGYO is 13.44 TRY (as of Aug 13, 2026), built from audited fundamentals. The current price is 6.06 TRY.
What is the quality score of MSGYO?
MSGYO has a Quality Score of 35/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of MSGYO?
MSGYO reported trailing-twelve-month revenue of about 1.1B TRY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of MSGYO?
The net profit margin of MSGYO is about -4.5%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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